CSE Global reports higher revenue for Q3 2024, but order intake falls
The electrification segment has fallen the most, due to the absence of several major projects secured
CSE Global reported a 15.4 per cent increase in Q3 2024 revenue to S$213.9 million from S$185.4 million in Q3 2023.
The increase was due to higher revenue contributions from all business segments, said the systems integrator in an interim business report on Friday (Nov 15).
The electrification segment revenue rose 22 per cent to S$104.8 million in Q3 2024, up from S$85.9 million a year prior. The communications segment grew 12.1 per cent to S$61.8 million in Q3 2024 from S$55.1 million in Q3 2023. The automation segment grew 6.6 per cent to S$47.3 million in the same time period from S$44.4 million in Q3 2023.
Order intake for all business segments fell, with electrification falling the most, down 57.4 per cent to S$78.3 million in Q3 2024 from S$185.8 million in Q3 2023. This was due to absences of several major projects secured in Q3 2023.
The order intake for the communications segment fell 8.9 per cent to S$60.5 million in Q3 2024 from S$66.4 million in Q3 2023. The automation segment fell 3.3 per cent to S$47.8 million from S$49.4 million.
As a result, the order book inched down 0.7 per cent to S$633.6 million.
“The global economic outlook, geopolitical tensions and ongoing inflationary pressures continue to present uncertainties in the markets where we operate,” said Lim Boon Kheng, CEO of CSE Global.
Shares of CSE Global closed flat at S$0.435 on Friday before the report was released.
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